President Donald Trump came into the press briefing room to try and calm an anxious nation panic-buying toilet paper and hand sanitizer. Just before he entered, the Federal Reserve dropped rates again, down to 0.25 percent, which sent Trump into celebrating businesses and the profits they’re scoring as Americans grow more and more fearful about the coronavirus.
But the more Trump spoke, the more the Dow Futures dropped. Trump’s press conference just before the market closed on Friday helped him spike the market 1,700 points, but the positives seem to be temporary as the cases of COVID-19 as they expand to over 3,200.
While the president might be urging people to “take it easy” and “relax,” and name-dropping corporate CEOs, it is doing little to calm American fears.
Dow Future plunges 840 after Fed's second emergency rate cut points as Trump says market should be 'thrilled' at Fed's surprise rate cut. pic.twitter.com/vXzFgh7tEQ
— Holger Zschaepitz (@Schuldensuehner) March 15, 2020